How Arik officials diverted $26m, N2.4bn loans – AMCON MD

Officials of the distressed Arik Air have diverted the sum of $26 million and N2.4 billion loans meant to be used for the purchase of eight aircraft engines and reconfiguration of two aircraft respectively, the Managing Director of the Assets Management Company of Nigeria (AMCON), Ahmed Kuru, has said.


Speaking when he appeared before a House of Representatives adhoc panel investigating the various intervention funds by the Central Bank of Nigeria (CBN), Kuru said the N2.4bn was meant for the reconfiguration of two passenger aircraft to cargo aircraft.

He, however, said after obtaining the loans from AMCON, the Arik Air management neither purchased the engines nor carried out the reconfiguration, rather, he said, the airline might have used the money for other purposes.

But the Chairman of the committee, Bassey Ewa (PDP, C/River), said based on information available to the panel, the loans were transferred to an account in London where Arik established another company.